Every property needs maintenance, you must understand how to budget for maintenance. The renter’s damage deposit is for just that, damages. It is not for routine maintenance, It is not for wear and tear. Things like carpet replacement when it has reached its depreciated lifespan, appliances, painting, cleaning, new windows, kitchen cabinets, new roof, etc. Continue reading “Allocation Budget for Maintenance”
Should I allow my renter to have a dog?
Should I allow my renter to have a dog? In order to reach the greatest possible audience, you need to market correctly, and avoid excluding large pools of renters. Some pools of renters you do not want, criminals and deadbeats being two of them. But pets are another issue. A tenant may “check out great otherwise”, by a landlords definition, but they have a pet. Should you take the tenants with dogs? Continue reading “Should I allow my renter to have a dog?”
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Personal belongings left at the end of the tenancy
When your tenants leave, there are normally a few personal belongings left. Sometimes it is a couch, a mattress, or it could be as little as a pair of pants hanging in the back of a closet. MN law says you must store these items for 28 days. Most often, the tenant never comes back. If you are like me, I take pictures of what I have to throw away. Sometimes I ask if they are coming back for any additional items and they always say no. Of course good tenants do not leave junk behind. Continue reading “Personal belongings left at the end of the tenancy”
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Late Rents and What They Mean
A little unconventional wisdom regarding late rents. Your rent is late, should you be concerned? Odds are you have a problem and are headed for an eviction, but here’s something to think about. Continue reading “Late Rents and What They Mean”
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National Criminal Checks
National criminal checks are not worth the paper they are written on. National records are seriously behind; some states do not contribute their records to the registry. Continue reading “National Criminal Checks”
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The Landlord Trap, Do not get caught in it
This is a rental situation that is run across many more times than you think, the landlord trap. If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny. Continue reading “The Landlord Trap, Do not get caught in it”
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When You Purchase Properties, Make Sure You Know your Market
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”
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My Second (and third) Investment Property
My second Investment property was a vacant bar/tavern in a small town that had gone out of business, right on the frontage road of a 4-lane US highway. It was purchased as a partnership with my uncle. We were going to buy this property and get it ready to run a bar and restaurant. Then, we were going to be owner operators of the business. Continue reading “My Second (and third) Investment Property”
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Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants
Sometimes, we think we have to attract quality tenants in unconventional ways. Many people have no money. After showing your unit many times, you do not think anyone has any money. Some people have lower income levels. Some people lack the ability to save, and a landlord wants to “get them in”, so they lower the tenant’s entry hurdle or security deposit. This is a mistake that will almost always come back to haunt you. You have a hard time renting your unit, and you finally have a tenant willing to move in. The only issue is, they do not have enough money to move in. They probably do not have a high credit score either. Continue reading “Lowering the Rent vs. Lowering the Deposit to Attract Quality Tenants”
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Low Rents Attract Trash
Low rents. The fact of the matter is, the lower your rent is, the more affordable it is to sub-par renters, or trash. You will attract them in droves at a low price. But the flip side to that is you also attract more good renters. Good renters are always looking for a bargain; good renters that know their financial limits, good renters do not want to live paycheck to paycheck just paying rent. Good renters know what they want, and will not pay a penny more. Good renters may even want to negotiate a bit, just to make sure they are getting the best price. Continue reading “Low Rents Attract Trash”
